Quebec · Receivership (court-appointed)
Motion to the court for approval of Proposal (French version only) – dated April 26, 2012
Application / notice of application · 26 April 2012
AI summary
A plain-English summary drawn only from this filing: what it is, why it matters, and the parties, amounts and dates it turns on.
What we verified from this filing1 verified
- recovery outcomeentries: basis: plan · quote: CROWN CLAIMS: Amounts owing to Her Majesty in right of Canada or a Province that could be subject to a demand under Section 224 (1.2) of the Income Tax Act, or under any SUbstantially similar provision of provincial legislation, outstanding at the time of the filing of the Proposal, will be paid in full within six (6) months after Approval. · pct of: unstated · outcome: paid_in_full · class key: preferred · stated by: trustee · class label: Crown Claims · interim final: unstated · claims qualifier: unstated; basis: plan · quote: EMPLOYEES CLAIMS: Amounts owing to employees and former employees, that they would have been entitled to receive under Paragraph 136(1)(d) of the Act if the employer became bankrupt on the date of filing of the Proposal, as well as wages, salaries, commissions or compensation for services rendered after that date and before the Approval, will be paid in full immediately after Approval. · pct of: unstated · outcome: paid_in_full · class key: preferred · stated by: trustee · class label: Employees Claims · interim final: unstated · claims qualifier: unstated; basis: plan · quote: PREFERRED CLAIMS: Preferred Claims, other than the claims referred to in section 5 of the Proposal, without interest, will be paid in full in priority to all claims of Ordinary Creditors, within sixty (60) days of Approval. · pct of: unstated · outcome: paid_in_full · class key: preferred · stated by: trustee · class label: Preferred Claims · interim final: unstated · claims qualifier: unstated; basis: estimated · quote: Based on the net proceeds ofthe sale ofInventory and accounts receivable tobe received from the Transaction (as defined insection IV), the Bank expects to suffer a shortfall In the realization of its security of approximately $225,000 (after costs and accrued interest). · pct of: unstated · outcome: shortfall · class key: secured · stated by: trustee · class label: Secured Creditors (Bank) · claims amount: 995000 · creditor name: CIBC · interim final: unstated · claims qualifier: listed · shortfall amount: 225000; basis: unstated · quote: Preferred Creditors (Nil) · pct of: unstated · outcome: nil · class key: preferred · stated by: trustee · class label: Preferred Creditors · interim final: unstated · claims qualifier: unstated; basis: plan · quote: Approximately 45% of the unsecured creditors, being creditors with claims of$3,000 orless, will receive allor substantial portion of their claim. · pct of: unstated · outcome: distribution · class key: unsecured · stated by: trustee · class label: Unsecured Creditors (creditors with claims of $3,000 or less) · interim final: unstated · conditional on: First Level Distribution: the lesser of the amount of the proven claim and CAD$1,000, pro rated in the event of any shortfall, plus a pro-rata share of any remaining amount · claims qualifier: unstated · stated on: 2012-04-11 · table missing: